Tax Preference,Financial Flexibility And Enterprise R&D Investment

In recent years,enterprises’ technological innovation activities have attracted more and more attention.Our country encourages and supports enterprises to carry out technological innovation from many aspects.R&D is the main way to realize technological innovation.But it has the characteristics of lag,uncertainty,high risk and knowledge spillover,which will lead to the deviation of enterprise R&D from the social optimal level,that is,the asymmetry of R&D cost and income.At this time,the government will provide certain incentives to enterprises,and tax preference is one of the important forms.In addition,in the new era of innovation driven development,enterprises need to focus on how to reasonably allocate financial resources and maintain a certain financial flexibility to deal with various risks and uncertainties.Therefore,this paper wants to study the relationship between tax preference,financial flexibility and enterprise R&D investment.This paper reviews the existing research results and analyzes the relationship among tax preference,financial flexibility and R&D investment from the theoretical level,and puts forward research hypotheses.Then I choose the non-financial listed companies of Shanghai and Shenzhen A shares as the research sample and construct the related empirical model.Then,this paper tests the relationship between tax preference and R&D investment,the regulatory role of financial flexibility and the threshold effect of moderator variable.The main conclusions are as follows:(1)There is a significant positive correlation between tax preference and R&D investment.The higher the degree of tax preference,the higher the R&D investment level.(2)Financial flexibility plays a positive moderating role in tax preference to encourage R&D investment.(3)There is a threshold effect in the regulation of financial flexibility,that is,there is an optimal interval,which makes tax preference play the best role in encouraging enterprises’ R&D investment.Based on the above empirical research,the paper makes a robust test.And through further research,it is found that the relationship of three variables is different under different property rights and different enterprise types,the incentive effect of tax preference on R&D investment of non-state-owned enterprises and high-tech enterprises will be more obvious,and the regulatory effect of financial flexibility will be more significant.At the end of the paper,Ⅰ put forward the following suggestions: First,relevant departments should improve the coverage of tax preferences.Second,enterprises should pay attention to financial flexibility and reserve appropriate financial flexibility.Third,we should strengthen the enterprise innovation consciousness,increase the enterprise innovation input dynamics.I hope it can have a certain reference value for improving the tax preference system and enterprise internal management.